April 2008 Newsletter

Welcome Issue #4 The monthly Alta Vista Benefits newsletter is provided as a service to help with issues in your every day life. Your suggestions and feedback can be e-mailed to lucy@altavistaben.com. Long Term Care Partnership Program New Ohio Legislation There is new awareness in the market about the need for Long Term Care coverage. Many people are not aware that if left to Medicaid, your only option is a nursing home -- if one is even available. However, Medicaid funding is disappearing quickly. In September of 2007, Ohio legislators passed what is called the Partnership Program. This program provides incentives for Ohio citizens to purchase Long Term Care coverage and it will reduce the burden on Medicaid. The way it works is that you purchase insurance that qualifies for the Ohio Partnership Program. This will allow you to protect the amount of assets you have that equal the amount of coverage you purchase. Once your insurance benefits are exhausted, you may be able to qualify for Medicaid to pay for your care, while retaining more assets than would have been allowed under Ohio's Medicaid eligibility. Governor Strickland has a mail campaign planned called "Own Your Future" and there will be a lot of media coverage in the next few months. I will be receiving additional training and have more information for you in May. Did you know? Social Security According to the Social Security Administration, 72% of current Social Security recipients receive reduced payments because they started their benefits too soon. If you start benefits at age 62, your benefits could be reduced by 20% or more. If you wait until age 70, you could receive as much as 50% higher. According to "The Guide to Social Security", the correct timing for the use of your money in retirement is: 1) Use IRA and 401K monies first (qualified funds) 2) Delay Social Security as long as possible 3) Use non-qualified money last To find out more, e-mail me to request a copy of the "Guide to Social Security" by Dr. Shelby Smith. Lucy Grosz is the CEO of Alta Vista Benefits and can be reached at lucy@altavistaben.com or by phone at 614-889-0934. Need a better web site? Can't be found in Google? Call Tom Anderson at 614-679-0912 or visit www.excelleweb.com